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Brookdale Announces Fourth Quarter and Full Year 2008 Results
Date:3/1/2009

le had $54.0 million of unrestricted cash on its balance sheet at the end of the fourth quarter.

Goodwill Impairment Charge

Similar to many companies, the Company experienced a significant decline in the market value of its common stock due primarily to the depressed macroeconomic environment and volatility in the equity markets in the fourth quarter of 2008. As a result, its market capitalization eroded and was significantly below book value in the fourth quarter when compared to previous periods. In accordance with the requirements of Statement of Financial Accounting Standards No. 142, Goodwill and Other Intangible Assets ("SFAS 142"), an impairment test of the goodwill was performed for each of the Company's reporting units as of the end of the fourth quarter. The fair values of the reporting units and their underlying assets were determined using discounted cash flows. As a result of the impairment tests, the Company recorded a non-cash goodwill impairment charge of $215.0 million for the quarter ended December 31, 2008. The non-cash charge does not impact ongoing business operations, liquidity, cash flows from operating activities or financial covenants and will not result in any future cash expenditure.

Earnings Conference Call

Brookdale's management will conduct a conference call on Monday, March 2, 2009 to review the financial results of its fourth quarter and full year ended December 31, 2008. The conference call is scheduled for 8:00 AM ET. All interested parties are welcome to participate in the live conference call. The conference call can be accessed by dialing (866) 845-7252 (from within the U.S.) or (706) 634-9069 (from outside of the U.S.) ten minutes prior to the scheduled start and referencing the "Brookdale Senior Living Fourth Quarter Earnings Call."

A webcast of the conference call will be available to the public on a listen-only basis at '/>"/>

SOURCE Brookdale Senior Living Inc.
Copyright©2009 PR Newswire.
All rights reserved

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